WTI Outpaces Brent as U.S. Crude Draw Ignites Fresh Buying
Ukraine Strikes Major Russian Oil Refinery Crude Oil Rallies as U.S.
Inventory Draw Outruns Supply Relief November WTI crude oil futures are up sharply for the week through Thursday night.
The market has spent the week dealing with tanker attacks near the Strait of Hormuz, renewed attacks on Russian refineries, emergency stock releases and fresh talk of legal oil moving on previously sanctioned vessels.
The release and shipping headlines gave both sides of the trade something to work with.
WTI got the stronger bid when the EIA reported a large U.S.
Brent held above $100 but could not add to its risk premium.
At 21:38 GMT Thursday, November WTI crude oil futures are trading at $97.58, up $5.92 or +6.46% for the week.
The contract has traded between $89.61 and $98.32.
December Brent crude oil futures are trading near $106 a barrel.
crude inventories fell by 8.6 million barrels in the week ended October 9.
Traders had expected a draw of only 288,000 barrels.
Commercial crude inventories stood at 415.6 million barrels after the draw, still 3% above the five-year average.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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